The price of Bitcoin is currently hovering at around $10,700, which is around 53% of the cryptocurrency’s value back in late 2017. Towards the end of last year, Bitcoin’s value hit $20,000 across some markets, with a widely accepted average high of $19,300. During early 2018, it suddenly began to drop in price, causing widespread panic for investors, and lending people to speculate wildly on the currency’s future.
There are many people who feel that the Bitcoin bubble has well and truly burst, and that the cryptocurrency will never again reach the highs it enjoyed last December. However, many others think that Bitcoin is still getting started, and that the best is yet to come for the digital currency’s investors.
Earlier this month, Harvard professor and former International Monetary Fund chief economist Kenneth Rogoff announced that he feels Bitcoin will plummet this year, with a single coin likely to be worth just $100. However, other cryptocurrency insiders do not share his pessimism. In fact, Bitcoin guru and high value investor Tom Lee is expecting big things from Bitcoin this year. He recently stated that he expects Bitcoin to reach $20,000 per unit by the middle of this year – and to hit an all-time high of $25,000 by the end of 2018.
He also predicts that Bitcoin will become more widely accepted by major institutions, as confidence in the cryptocurrency begins to grow again. “Already three major companies have announced efforts within cryptocurrencies, which demonstrate that corporations may be moving towards cryptocurrencies before Wall Street has embraced them,” Lee noted in a recent statement.
For those already invested in Bitcoin and worried for its future, Lee’s words are sure to be comforting. The co-founder of Fundstrat has made such bullish predictions previously with some degree of accuracy, including that Bitcoin would pass the $6,000 mark during 2017. Even he underestimated its growth potential. The cryptocurrency advocate is one of the few Wall Street strategists to promote Bitcoin as an investment and declare price targets for the coins, and many will be happy to hear that he expects big things from the leading digital currency.
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